JinkoSolar Holding Company Limited JKS recently announced that the solar project in Sweihan, Abu Dhabi is now fully operational. The AED 3.2-billion project was constructed by Marubeni Corp. and Emirates Water and Electricity Company (EWEC) using JinkoSolar's high efficient mono panels. The project has a generation capacity of 1,177-megawatt Peak (MWp).
The newly-developed project isin line with the sectors’ transformation strategy, which focuses on increasing electricity generation from alternative energy sources. UAE's Energy Strategy 2050 aims to increase the contribution of clean energy in the total energy mix from 25% to 50% by 2050 and reduction of carbon emission by 70%.
High-Efficiency Mono Panels
Courtesy of consistent research and development, the company provides efficient solar modules and solar system integration services as well as develops commercial solar power projects. JinkoSolar’s cutting-edge technologies — 60- and 72-cell Cheetah P-type mono-PERC modules — provide peak power outputs of up to 400 Watt peak (Wp). It is claimed to be the highest-performing commercially mass-produced monofacial module in the market.The company offers high-efficient Monocrystalline modules with PERC technology.
The high-efficiency modules lower the cost of utility scale solar projects compared with the conventional energy source power projects. JinkoSolar's panels have attracted the world’s most competitive tariff during the bid submission for the aforementioned project, whichindicates high demand in the solar market.
Increase in Renewable Energy Usage
Increasing awareness against greenhouse gas emission has raised the usage of renewable clean energy sources for power generation on a global scale. Per a report by International Renewable Energy Agency (IRENA), the share of renewable energy in primary energy supply will grow to nearly two-thirds by 2050 from the current level of less than one-sixth.
Solar is avital part of renewable energy, which is expected to grow and provide clean energy to fulfill customers’ increasing needs. Companies like SunPower Corporation SPWR, Canadian Solar Inc CSIQ and First Solar Inc FSLR will also benefit from rising consumption usage of solar energy.
Zacks Rank & Price Performance
JinkoSolar currently sports a Zacks Rank #1(Strong Buy).You can see the complete list of today’s Zacks #1 Rank stocks here.
Shares of the company have surged around 54.5% in the past 12 months compared with the industry’s rally of 36.4%.
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